The Secret to Making an Additional $100,000+
Over the Course of Your Career
by Ross Macpherson, President, Career Quest
Has this ever happened to you? You've made it through the grueling interview process, met with all levels of HR, management, and/or company executives, you beat out your competition by convincing them that you're the best for the job, they offer you the job with a smile saying "We're prepared to offer you $x", and after all that, you simply respond with "ok". Now, if they're offering you more than you ever imagined, you're way ahead; however, if it's a little less than you were expecting (or worse yet, you have no idea what you were expecting!), then you've probably just lost a lot of money.
"So I lost out on an extra $2000.so what? That hardly works out to anything per paycheck, so I'm not losing sleep over it." Well you should. You have to look at the big picture - that extra $2000 is not just for this year alone. Every salary you earn is the starting point for every salary and increase you earn or negotiate thereafter. The more you increase your salary foundation, the more money you earn over the span of your career.
Let me illustrate with a very simple example. Let's assume that your average salary over the course of your career is $50,000. If you work for 35 years, you've earned a grand total of $1,750,000. Just imagine, if you managed to increase your average salary by a mere 7% (to $53,500, a mere $3500 more), you'd earn an additional $122,500 over the life of your career. As you can see, when you look at the big picture, it genuinely pays to negotiate your salary.
The fact is, barring a few exceptions, most employers have a little wiggle room salary-wise when they make an offer, and often expect to negotiate. If you negotiate, and do it well, not only do you increase your compensation, but you come across as a serious professional who knows his or her value to an organization.
There are many books out there on the subject, and quite a few coaches and consultants who can help you, and I encourage you to avail yourself of these resources. However, there are a few fundamental ideas to remember before you start:
- It's important to realize that salary negotiation is not a science - it's an art. It takes practice, preparation, confidence, timing, and knowing your options. But remember, even the smallest increase you manage to negotiate can grow into significant gains over time.
- Another important thing to remember about effective salary negotiation is that negotiating implies a reciprocal discussion, not a one-sided grab for the big bucks. Your ideal goal is a win-win scenario.
- Salary is NOT the only thing you can negotiate. Other things you can negotiate include benefits, training, signing bonuses, performance benefits, lifestyle benefits (e.g. fitness club memberships), flexible work arrangements, vacation time, stock options, even specific projects and opportunities.
Do your research, don't be shy about your value, and don't be afraid to negotiate for what you're worth. Good luck.
© 2002 Ross Macpherson
About the Author
Ross Macpherson is the President of Career Quest, a Certified Professional Resume Writer, and a Career Success Coach who has helped thousands of motivated professionals advance their careers. To receive more valuable career advice, sign up to join his monthly newsletter "Career Quest Café" by visiting www.yourcareerquest.com.
NOTE: You're more than welcome to "reprint" this article online as long as it remains intact and unaltered (including the "About the Author" info at the end), and you send a copy of your reprint to ross@yourcareerquest.com
